Office floor at Tong Building sold for $31.33 mil, setting new high of $4,562 psf

The entire sixth floor of Tong Building on Orchard Road was sold for $31.33 million, based on a caveat on September 3. The entire strata office floor occupies an area of 6,867 sq ft. The purchase price reflects a unit price of $4,562 psf, which is the highest psf price for an office space in the prime districts to date. Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, brokered the deal. Tong Building is a 19-storey, freehold strata-titled office building at the corner of Orchard Road and Mount Elizabeth. It is next door to Paragon shopping mall. According to a property title search, Parkway Hospitals Singapore bought the office floor at Tong Building. The medical service provider is also listed as a tenant of the property, taking up half of the sixth floor. The other half of the floor is occupied by two other medical companies. Read also: Singapore ranks 23 of 30 cities in prime residential price growth for 1H2024; Savills Advertisement Advertisement Yap also brokered the deal for the previous psf-price record-holder in April 2023. The previous record was set when three office floors spanning 37,857 sq ft at Solitaire on Cecil sold for $162.8 million, or $4,300 psf. Another strata office unit at Tong Building was recently sold to SLB Development. The real estate management arm of the property developer bought half of the 17th floor spanning 3,423 sq ft for $14 million on August 7. This translates to $4,080 psf.